OzForex underlying profit up 12 per cent
Remittance company OzForex has reported a rise of 12 per cent in half-year underlying profit to $12.3 million and a 30 per cent rise in revenue to $58 million.
But its statutory earnings fell 6 per cent to $11.2 million due to one off costs. These included the cost of rebranding to a new name, OFX, restructuring its executive team and new pay schemes for employees.
Importantly, OzForex’s active clients increased 16 per cent to 151,100, transactions numbers rose 17 per cent to 392,200, and average transaction value rose 15 per cent to $25,600.